BEVERLY HILLS, May 18, (THEWILL) – Popular Nigerian singer, Yemi Alade, says the policies by the Central Bank of Nigeria (CBN) for dollar transactions are crippling businesses in Nigeria.
Alade disclosed this on her Twitter account on Sunday as she lamented that the restrictions on dollar transactions had disturbed importation and made the poor man “poorer.”
The singer urged the apex bank to consider the ordinary man in Nigeria who depended on legal businesses, saying that the country is becoming unbearable to live in.
She wrote: “The state of the economy in Nigeria CBN REALLY NEEDS TO CONSIDER THE ORDINARY MAN IN NIGERIA! All the new restrictions on dollar deposits are affecting a lot of businesses. You don’t have enough dollars to even give legitimate business people for their imports, why not find another solution. Poor man is getting POORER.
“Can you please create a balance for us CBN? While you have focused on truncating cash dollar deposits, the Cyclic nature of Money from rich to poor is making this country unbearable to live in.”
The singer also tasked the CBN to consider amending its policy, adding that although it is intended to hurt money fraudsters, it is worsening the economy.
She added: “Go to your local grocery store, whether na aboki shop or Supermarket, and see that they CANNOT RESTOCK a lot of products once they run out.
“We do not produce any of these finished products, even toothpaste. Your focus is money launderers but you are in turn worsening our economy dear CBN.
“So much bureaucracy in action and no one consciously trying to apply it to our reality! How long will your restriction on USD go on for? CBN DO BETTER.”
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